South Korea braces for economic woes as Covid-19 cases soar

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South Korea braces for economic woes as Covid-19 cases soar
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SEOUL (Bloomberg): South Korea warned that its fragile economic recovery is under threat from the coronavirus that has spread dramatically across the country over the past week, and pledged action to minimise the fallout.

The epidemic poses a"large concern that it will limit the trend of economic recovery started late last year", First Vice-Minister Kim Yong-beom said on Monday , according to the Finance Ministry. He cited a drop in domestic consumption and exports to China, among other impacts.

The spike has led President Moon Jae-in to raise the country's infectious disease alert to the highest level for the first time since 2009, allowing the government to restrict public activities. The government is reviewing all possible measures, including an extra budget, local media cited Vice-Minister Kim as saying.

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